CT SB00023

Establishes a tax credit program for qualified small businesses (fewer than 25 employees) that hire new full-time employees (35+ hours per week) between January 1, 2010 and January 1, 2013.

Provides tax credits of $2,500 per new employee hired in the first six months of the income year, $1,250 for those hired after six months, with an additional $2,500 credit for each of the two succeeding income years if the employee remains employed.

Requires qualified small businesses to apply to the Commissioner of Economic and Community Development before hiring each new employee and receive written approval within 30 days.

Caps total tax credits granted under this program and the existing section 12-217ii program at $10 million per fiscal year.

Prohibits businesses from claiming this tax credit alongside any other tax credits for the same employee.